Page:United States Statutes at Large Volume 67.djvu/194

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PUBLIC LAW 118~JULY 16, 1953

[67 S T A T.

" (B) Not more than $100,000,000 of the funds made available under this Act, of which not more than $20,000,000 may be allocated to any one country, may be used in any fiscal year by the President, to be expended, without regard to the requirements of this Act, or any other Act for which funds are authorized by this Act, in furtherance of the purposes of such Acts, when the President determines that such Congr e s s ional use is important to the security of the United States. The President Committees. Notification. shall notify the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives upon making any such determination." 22 USC 1671. (c) GUARANTIES,—-Amend section 520 (relating to investment guaranties) to read as follows: a GUARANTIES

22 USC 1662.

"SEC. 520. Funds realized from the sales of notes pursuant to section 111 (c)(2) of the Economic Cooperation Act of 1948, as amended, shall be available for making guaranties of investments in accordance with the applicable provisions of sections 111(b)(3) and 111 (c)(2) of the Economic Cooperation Act of 1948, as amended, in any country with which the United States has agreed to institute the guaranty program, notwithstanding the provisions of section 511 of this Act."

22 USC 1675.

(d) TERMINATION OF PROGRAM.—Amend section 530 (relating to

66 Stat. 146. 2.2 USC 1509. Post, p. 161.

the expiration of the Mutual Security Program) by striking out "twelve months" and "twelve-month" wherever appearing therein and inserting in lieu thereof "twenty-four months" and "twenty-fourmonth", respectively, and by inserting before the period at the end of subsection (a) the following: ": Provided, That such part of the equipment, materials, and services referred to above as is to be transferred to recipient countries under the Mutual Defense Assistance Post, p. 160. Act of 1949, as amended, or the Act of May 22, 1947, as amended, may 61 Stat. 103. 22 USC 1 4 0 1 - be so transferred until June 30, 1957, and that part of the funds 1410. referred to above which is appropriated to carry out such Acts may be obligated for the purposes set forth above, and for liquidating operations under this proviso, until June 30, 1957: Provided, That guaranties authorized under section 111(b)(3) of the Economic Post, p. 161. Cooperation Act of 1948, as amended, may be issued until June 30, 1957, out of any funds remaining available for that purpose". (e) UNDERDEVELOPED AREAS.—Add after section 546 the following new section: a UNDERDEVELOPED AREAS

66 22 64 22

22

"SEC. 547. Whenever funds are made available under this Act for assistance, other than military assistance, to any economically underdeveloped area, such funds may be used under the applicable provisions Stat. 144. of section 503(b)(3) or the applicable provisions of the Act for Interu s e 1654. Stat. 204. national Development. Where administrative arrangements, includu s e 1557note. ing provisions relating to compensation and allowances of personnel, authorized under section 503(b)(3), differ from those authorized by the Act for International Development, the Director may make use of arrangements authorized under either statute, in carrying out such programs, except that before extending the provisions of section 109 (a) of the Economic Cooperation Act of 1948, as amended, to countries u s e 1507. in which programs authorized under the Act for International Development are being carried out, the Director will secure the approval of the Secretary of State." (f)

22 USC 1672.

U S E OF LOCAL CURRENCY.

(1) Strike out the next to the last sentence of section 521 (relating to administrative expenses).

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